The European steel industry will ask competition authorities in Brussels as soon as this week to investigate the iron ore market, escalating a price fight with miners Valeof Brazil, Rio Tinto and BHP Billiton.
The move by Eurofer, the industry body, comes after the miners told European steelmakers that iron ore prices would rise by 80-100 per cent in the year starting April 1, and pushed for quarterly contracts, instead of annual deals.
Gordon Moffat, Eurofer director general, said the steel association could see “nothing” on the demand side to justify the price increase demanded by the miners.
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